All Life Insurance Tips

when getting life insurance is term life the way to go?

I don't know if term insurance is the best option

Public Comments

1. When you're young and healthy term is an inexpensive way to protect your family.
2. For most people, yes. Yahoo Personal Finance has some good info on this.
3. For most people, term is the way to go, but this is NOT ABSOLUTE!! To figure out which type is best for YOU, the FIRST thing you need to do, is define the job you want the insurance to do. Insurance is a tool. Just like you don't go to Home Depot and buy a tool without having a job you need it to do, you don't select a FINANCIAL tool without having a job you need it to do. Set the goal first. THEN select the appropriate tool.
4. lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.
5. For most cases term life is the best option but it depends on everyone, try this site http://linsurance.notlong.com here you can get quotes from different companies so you can find the right one for you.
6. Term Life Plan is definitely the one to go for. I purchased my policy with GerberLife - they explain the benefits on their site and you can get an instant quote as well http://www.gerberlife.com/gl/view/guide_products/10_20_year/index.jsp
7. In most of the cases, term life is better way to go, but it;s not the ULTIMATE choice! advantage of term - very cheap, easy to get, covering all your needs disadvantage - no investing part, as you grow older and your health conditions deteriorate, you may realize nobody wants to insure you when your term 20 finishes and you find yourself unprotected. And even if you are able to find insurance then, it will be pretty expensive so the best way - when young, healthy and no cash, go for term life. but in some point in your life you should start think about converting into universal...
8. Your best bet is to talk with a local independent agent who represents a large group of companies. They will be able to discuss with you your needs, goals and affordability plus match you with the right type of policy. Anyone can just shout out get a term life, no you need whole life, no the best is universal life. But your best option is to talk with an agent, get the facts and make an informed decision. Andrew S. CEO Florida Affordable Insurance, Inc.
9. I have always recommend everyone to get term insurance because everyone don't need life insurance forever. The only reason why people need life insurance is because they don't have enough savings to cover all their expenses or debts in case they pass away. As time goes on, their savings should go up and financial obligations should go down. Term insurance gives you the most coverage for a low cost. While you are protecting your income with life insurance, you should also have a savings plan. You probably heard of the phrase, "Buy term and invest the difference." Most families that has life insurance own very expensive life insurance that builds cash value, otherwise known as whole life, universal life, variable life, variable universal life, flexible premium variable life insurance (which is universal life), and so on. These types of life insurance are a complete ripoff and the only people who benefit from this type of the product are the agents selling this and the company who profits from it. In most policies (about 90% of them), when you die, all the cash value in the policy is kept by the insurance company. If you ever wanted to take money out, you can borrow it and pay loan interest of 5-8% on it. That's like you going to the bank to withdraw money, but the bank charge you monthly interest on the withdrawal until you pay it all back. If everyone read their life insurance policies, I believe majority of them would of cancel their life insurance and switch to term insurance. By doing so, they will save lots of money and possibly even get the right coverage they need. Hence the phrase, "buy term and invest the difference." If you die during the term, your beneficiary will get the face amount of the policy. The savings you built will go to your designated beneficiaries. If your savings/retirement/investment accounts do not have a beneficiary named on them, it is important that you get a will done. If you live through the term, you have options. Many life insurance companies allow you to convert your term policy into cash value life insurance (which I don't recommend). Some such as Primerica allows you to exchange your policy into another term policy. Majority of them even allows you to renew your policy. Or you may find that you don't need life insurance at all and cancel it and allocate more of your money toward your savings. Which plan sounds better to you? A or B? A) Buy cash value life insurance that gives protection until the age of around 100. Pay high premiums for low coverage. Pay interest to use the cash value. May lose all cash value upon death. B) Buy term insurance that gives you protection for the time you need it and guarantees insurability until the age of near 100. Pay low amount of premiums for lots of coverage. No such thing as borrowing from your separate savings/investments accounts since the money belongs to you. Die during the term, beneficiary gets both your savings and the death claim. Die after the term, beneficiary gets your savings.